Tác động của tiếp cận vốn vay đối với đầu tư của doanh nghiệp tại tỉnh Điện Biên - xây dựng thang đo

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Tác động của tiếp cận vốn vay đối với đầu tư của doanh nghiệp tại tỉnh Điện Biên - xây dựng thang đo INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2020 ICYREB 2020 THE IMPACT OF ACCESS TO LOANS ON BUSINESS’S INVESTMENT IN DIEN BIEN PROVINCE – BUILDING A SCALE TÁC ĐỘNG CỦA TIẾP CẬN VỐN VAY ĐỐI VỚI ĐẦU TƯ CỦA DOANH NGHIỆP TẠI TỈNH ĐIỆN BIÊN - XÂY DỰNG THANG ĐO Dao Thi Van Anh - Tay Bac University vananhdt@utb.edu.vn Abstract: Investment is one of the important decisions of financial management in an enterprise, so it is really necessary to measure the impact of factors on the investment of the business, especially with qualitative factors. By a combination of quantitative and qualitative methods, the article has built a complete scale with indicators measuring the impact of the group of factors on the ability to access loans on enterprises’ investment based on surveyed data at 107 enterprises in Dien Bien province. Keywords: business, investment, ability, scale, loan. Tóm tắt: Đầu tư là một trong các quyết định quan trọng của quản trị tài chính trong doanh nghiệp nên việc đo lường tác động của các nhân tố tới đầu tư của doanh nghiệp là thực sự cần thiết, đặc biệt là với các nhân tố định tính. Bằng sự kết hợp giữa phương pháp định lượng và định tính, bài viết đã xây dựng bộ thang đo hoàn thiện với các chỉ báo đo lường sự tác động của nhóm nhân tố khả năng tiếp cận vốn vay tới đầu tư của doanh nghiệp dựa trên dữ liệu khảo sát tại 107 doanh nghiệp tại tỉnh Điện Biên. Từ khóa: doanh nghiệp, đầu tư, khả năng, thang đo, vốn vay. 1. Introduction Although at present, many government policies are trying to help enterprises improve ac- cess to loans to encourage enterprises to expand investment, especially in fields and industries that benefit the economy, specific regions and localities with many incentives such as the North- western subregion, including Dien Bien province. However, the situation shows that there are still many enterprises that have the need to invest in expanding the scale of production and en- terprises’s activities, but the scale of capital is still limited, the access to loans is still difficult, enterprises had to limit investment and even had to cut their portfolios. Up to now, the previous researches on investment by enterprises in Vietnam are quite lim- ited in terms of quantity, content and research methods. Especially the studies that clarify the im- pact of factors affecting investment of enterprises are mainly done by qualitative research methods. Moreover, although the research on the ability of enterprises to access loans has been mentioned a lot in international studies, it is still relatively new to enterprises in Vietnam. 853 INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2020 ICYREB 2020 Meanwhile, although not a direct factor, the ability to access loans plays an important role in your investment decisions. Measuring the impact of this factor on business’s investment will help managers have a clear, multidimensional view in investment decisions, local authorities and ministerial authorities will have the basis to refer, propose and develop policies to support busi- nesses. However, the factor of the ability to access loans affecting business investment is accurately measured, completely depending on the scale and measurement indicators. With that in mind, the article uses quantitative research methods to build a set of scales with indicators to accurately measure the impact of access to loans on enterprises’ investments, research in Dien Bien province. 2. Research overview A qualitative factor related to the characteristics of enterprises (not about the macro envi- ronment) studied by the authors is the ability to access loans or financial barriers. There have been a number of studies using quantitative methods to build scales and research on the impact of this factor. However, the object of study (the dependent variable) is not enterprise investment. Although not the main topic of research, the Wit (1996) survey also pointed out the impact of the loan barrier factor on the real estate investment of pension funds and insurance companies in the Netherlands. Not only Wit (1996), but also many other studies also recognize the impact of risks and barriers to debt although that is not their main research topic. For example, Stiglitz et al. (1981), Kochar’s (1999) empirical survey on credit markets in India. Vladimir and Bartlett (2003) based on a sample survey of small businesses in Slovenia to study the financial barriers of enterprises affecting the growth of enterprises. The main barriers identified in the study include factors related to the institutional environment such as the bureau- cracy of local government, external financial constraints such as the very high cost of capital. Research has shown that the growth of enterprises is negatively related to the size of enterprises and that the growth of enterprises has decreased when there are financial barriers. Bigsten et al. (2003) used a quantitative methodology to assess the credit constraints of manufacturing firms in Africa and confirm some scales of credit barriers affecting business per- formance. However, the study of the authors only clarifies the impact on business performance of these enterprises, not investment activities of enterprises. In 2007, research by Galan et al in Spain demonstrated that input costs affect the choice of investment positions and there is a negative relationship between this factor and the investment of enterprises. . I ...